Montana Property Development Co Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 02010191 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 October 2013

for

Montana Property Development Co Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

S.A. Boyling

SECRETARY:

K.J. Gentry

REGISTERED OFFICE:

Transport House

80 Calcutta Road

Tilbury

Essex

RM18 7QJ

REGISTERED NUMBER:

02010191 (England and Wales)

ACCOUNTANTS:

Anser Solutions

Chartered Accountants

Suite 3 Warren House

10 - 20 Main Road

Hockley

Essex

SS5 4QS

FIXED ASSETS

Tangible assets

2

25,718

32,154

Investments

3

75

15,233

Investment property

4

1,450,500

950,500

1,476,293

997,887

CURRENT ASSETS

Stocks

2,073,471

1,864,054

Debtors

2,293,690

1,633,608

Cash at bank and in hand

79,022

163,732

4,446,183

3,661,394

CREDITORS

Amounts falling due within one year

5

1,856,040

891,052

NET CURRENT ASSETS

2,590,143

2,770,342

TOTAL ASSETS LESS CURRENT LIABILITIES

4,066,436

3,768,229

CREDITORS

Amounts falling due after more than one year

5

(3,203,298

)

(2,900,000

)

PROVISIONS FOR LIABILITIES

(3,904

)

(4,919

)

NET ASSETS

859,234

863,310

CAPITAL AND RESERVES

Called up share capital

6

2,000

2,000

Revaluation reserve

355,949

355,949

Profit and loss account

501,285

505,361

SHAREHOLDERS' FUNDS

859,234

863,310

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2013 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 25 July 2014 and were signed by:

S.A. Boyling - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts

where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Investment property

Investment property is shown at it's most recent valuation. Valuations are performed annually by the director.

Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

Should the value of the property be impaired below that of the original cost then this impairment will be charged

to the profit and loss account.

This is a departure from the Companies Act 2006 which requires tangible fixed assets to be depreciated.

However the directors consider that the departure is within generally accepted accounting practice and is

appropriate in order to give a true and fair view.

Stocks

Work in progress is valued at the lower of cost and net realisable value, except in the case of service contracts

where work in progress is calculated on a completion basis.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2012

and 31 October 2013

72,209

DEPRECIATION

At 1 November 2012

40,055

Charge for year

6,436

At 31 October 2013

46,491

NET BOOK VALUE

At 31 October 2013

25,718

At 31 October 2012

32,154

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 November 2012

15,233

Disposals

(15,158

)

At 31 October 2013

75

NET BOOK VALUE

At 31 October 2013

75

At 31 October 2012

15,233

The company's investments at the balance sheet date includes a 75% holding in the ordinary share capital of

Montana Property Assets Limited, a company involved in investment property rental. This subsidiary made a

profit for the year (period) ended 31.10.13 of £263,693 (31.10.12 : £175,740) and had aggregate capital and

reserves at 31.10.13 of £638,216 (31.10.12 : £374,523).

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 November 2012

950,500

Additions

500,000

At 31 October 2013

1,450,500

NET BOOK VALUE

At 31 October 2013

1,450,500

At 31 October 2012

950,500

Investment properties were valued by Mr S Boyling at open market value.

5.

CREDITORS

Creditors include an amount of £ 3,743,084 (31.10.12 - £ 2,900,000 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.10.13

31.10.12

£

£

Repayable otherwise than by instalments

900,000

2,900,000

Repayable by instalments

2,084,154

-

2,984,154

2,900,000

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.13

31.10.12

value:

£

£

2,000

Ordinary

£1

2,000

2,000